The upcoming baseball season will mark the final time the New York Yankees (the "Yankees") will take the field at "The House That Ruth Built." While the new ballpark will undoubtedly become a baseball landmark, the current Yankee Stadium (the "Stadium") remains a link to Yankees greats of the past and a showcase for the team's stars of today.

Today marks a very significant moment in the history of our franchise. In our great tradition of providing the very best experience for our fans, we have arrived at the precipice of unveiling plans for our new home…the new Yankee Stadium!

While our address will continue to be 161st Street and River Ave. in the Bronx, there are many new, exciting and significant changes that are being made to upgrade our new home, changes that will make you proud to be with us at every game. As you will learn in the coming months, we have made certain that the new Yankee Stadium will feature the finest and most state-of-the-art stadium amenities, while maintaining the look and feel of the existing Stadium and splendidly embody the celebrated history and tradition you've grown accustomed to as a loyal Yankees fan.

Early in 2008, you will receive an official New Yankee Stadium Relocation Package which will detail our relocation policies and procedures, your relocation status as a Ticket Licensee and complete information about seating opportunities at the new Yankee Stadium. For additional information, as it becomes available, please continue to visit www.yankees.com.

The Yankees are pleased to host the 2008 All-Star Summer including the 79th Major League Baseball ("MLB") All-Star Game. For five action packed days, baseball's biggest stars will descend on New York City for what will truly be a magical experience for the players and all Yankees fans. The All-Star events, which will be held at the Stadium, begin on Friday, July 11, 2008 with the opening of the DHL All-Star FanFest (which will be held at the Jacob K. Javits Center), followed by Taco Bell All-Star Sunday (featuring the XM All-Star Futures Game and the Taco Bell Legends & Celebrity Softball Game,) on Sunday July 13, 2008, Gatorade Workout Day (featuring the State Farm Home Run Derby), on Monday, July 14, 2008, and conclude with the 79th MLB All-Star Game, on Tuesday, July 15, 2008.

Given the importance of these events to our loyal Ticket Licensees, MLB and the Yankees will use commercially reasonable business efforts to offer all Ticket Licensees an opportunity to purchase, subject to availability, (as determined by MLB and the Yankees, from time to time) a Ticket license for the events during the MLB All-Star Summer '08. For Ticket information about the 79th MLB All-Star Game, please reference the enclosed literature or simply visit www.yankees.com.

As we prepare for the 2008 season, the final season in the Stadium, we would like to thank you for helping us again set a new single season American League attendance record during 2007. We greatly appreciate your support during the 2007 campaign and hope that you will support us again as we make a run for our 27th World Championship.

We would like to offer you the Ticket License specified in the enclosed invoice for the 2008 season. Please note that full payment is due no later than Friday, January 11, 2008. If we receive your full payment by Friday, January 11, 2008, Tickets will be delivered to you prior to March 31, 2008, via overnight carrier, with an adult signature required. If you foresee any delivery problems, please contact the Yankees Ticket Office, via e-mail at tickets@yankees.com, or by calling (718) 293-6000 immediately.

As you know, the benefits of being a Yankees Ticket Licensee are immense, including, discounts off the game day Ticket price; the Ticket exchange program; the opportunity to participate in the Ticket Licensee Regular Season Pre-On-Sale; Group Ticket discounts; the unused Ticket credit program; the Yankees secondary Ticket marketplace through StubHub; and, most importantly, being part of a winning tradition. Furthermore, as part of our continuing effort to create value for you, we hope to institute some exciting new programs and policies which we feel will add to your overall experience. Please take a moment to review the following benefits (in the set forth included literature), which has been added to your 2008 Ticket License Plan. For complete information on all Ticket Licensee benefits, please visit the Ticket Licensee section, located under Tickets, at www.yankees.com.

On behalf of the entire Yankees organization, thank you for your continued and loyal support. We look forward to having you with us for this momentous occasion in our history. We extend sincere wishes to you and your family for a safe and happy upcoming holiday season and we look forward to having you with us the 2008 "The Final Season" at the greatest address in sports history…161st Street and River Ave, the Bronx, New York…Yankee Stadium!!!

Please do not hesitate to contact the Yankees Ticket Office at (718) 293-6000 or via the Internet at tickets@yankees.com if you have any questions.

Sincerely,

New York Yankees

New Amenities for 2008 Ticket Licensees

2008 Major League Baseball All-Star Summer Tickets

Existing Full Season, A Plan and B Plan Ticket Licensees (2007 season and prior): MLB and the Yankees will use commercially reasonable business efforts to offer Full Season, A Plan and B Plan Ticket Licensees the opportunity to purchase a license, for Tickets, equal to the quantity of Ticket(s) in said Ticket Licensee's Ticket Account, not necessarily in the same seat locations (subject to availability), for the All-Star events scheduled to be held at the Stadium. All-Star events consist of the following: the DHL All-Star FanFest (to be held at the Jacob K. Javits Center), the Taco Bell All-Star Sunday, (featuring the XM All-Star Futures Game and the Taco Bell Legends & Celebrity Softball Game, the Gatorade Workout Day (featuring the State Farm Home Run Derby) and the 79th MLB All-Star Game.

DHL All-Star FanFest Tickets: All Ticket Licensees, regardless of plan type, must purchase a strip or strips of Tickets for all MLB All-Star events to be held at the Stadium (i.e. the same seat location and the same quantity of strips for all All-Star events) and each strip will include 2 DHL FanFest Tickets. For example, if you purchase two (2) All-Star events strips of Tickets, you will also purchase four (4) FanFest Tickets. There is no exceptions to this policy.

MLB and the Yankees will use commercially reasonable business efforts to offer C Plan through I Plan, the 20-Game Flex Plan and new 2008 Full Season, A Plan and B Plan Ticket Licensees the opportunity to purchase (the "All-Star Pre-On-Sale"), on-line via www.yankees.com and subject to availability (as determined by MLB and the Yankees, from time to time) All-Star Tickets prior to any scheduled All-Star Ticket On-Sale to the general public. The following maximum quantity of Tickets, per Ticket License Account, can be purchased, subject to availability, during the All-Star Pre-On-Sale:

Ten (10) Tickets to the Taco Bell All-Star Sunday;

Two (2) Tickets to the Gatorade Workout Day (featuring the State Farm Home Run Derby); and

Ticket Licensee Scheduled Final Regular Season Game Pre-On-Sale: As an existing B Plan, D Plan through I Plan and 20-Game Flex Plan Ticket Licensee (2007 season and prior), you will have the opportunity to purchase, on-line via www.yankees.com and subject to availability, (as determined by the Yankees, from time to time) two (2) Tickets, per Ticket License Account, to the Final Regular Season Game* to be played at the Stadium on Sunday, September 21, 2008. Tickets can be purchased, subject to availability, on the following dates between the hours of 10:00 AM and 10:00 PM::

Please note, Full Season, A Plan and C Plan Ticket Licensees are not eligible for the "Ticket Licensee Scheduled Final Regular Season Game Pre-On-Sale" as these Ticket plans include the Final Regular Season Game* which is scheduled for Sunday, September 21, 2008.

* The Final Regular Season Game shall be the last home game scheduled to be played in the Stadium on Sunday, September 21, 2008, notwithstanding any rainout games, postponed games, rescheduled games or canceled games which may be played after Sunday, September 21, 2008.

Ticket Licensee Regular Season Pre-On-Sale: As an existing Ticket Licensee (2007 season and prior), you will have the opportunity to purchase, on-line via www.yankees.com and subject to availability (as determined by the Yankees, from time to time), 2008 individual game Tickets, between the hours of 10:00 AM and 10:00 PM, on Friday, February 22, 2008, prior to the public on-sale presently scheduled for Friday, February 29, 2008.

Prior to purchasing Tickets, during any scheduled "Pre-On-Sale" you will be required to enter a pre-determined password. To obtain your pre-determined password, please login to your "My Yankees Account" and click on "Edit Profile" and scroll down to "Pre-Sale Password." Please make certain that you enter your password as it appears, as the password is upper and lower case sensitive. If you have any problems accessing your "My Yankees Account" or questions regarding your pre-determined password, please contact the Yankees Ticket Office at (718) 293-6000 or via e-mail at tickets@yankees.com.

To complete your transaction, you will be required to create a new Ticketmaster account or access your existing Ticketmaster account. If you already have a Ticketmaster account, please use your existing user name and password. Please be advised that your "My Yankees Account" password is used only to access your Yankees Account and has no relationship with your Ticketmaster account password. (There will be a strict 2-Ticket limit for the Final Regular Season Game* at the Stadium; a strict 4-Ticket limit for Premium Games; and a strict 12-Ticket limit for all other regular season games, subject to availability, as determined by the Yankees, from time to time. Orders exceeding the assigned per game Ticket limits will be canceled without contact from Ticketmaster or the Yankees. Additional Ticketmaster service charges will apply.)

Yankees Secondary Ticket Marketplace: StubHub has been selected by MLB as the Official Ticket Marketplace of MLB.com and the Yankees. Commencing for the 2008 season, you may post Yankees Tickets for resale on StubHub through www.yankees.com with no restrictions on resale price. For more information, please visit www.yankees.com.

Resale of Ticket(s): Any direct or indirect sale, resale, auction, assignment or transfer (collectively, "resale") of Tickets must be done in accordance with applicable law. Any resale or attempted resale in violation of applicable law violates this License. New York State law prohibits the resale of any Ticket(s) within one thousand five hundred feet from the physical structure of the Stadium under penalty of law. No Ticket(s) may be used for advertising, promotion (including contests, giveaways or sweepstakes), or other trade or commercial purposes without the express written consent of the Yankees. Any violation of the License shall give the Yankees the unrestricted right to revoke this License, terminate this License and/or cancel the Ticket Account immediately. The Licensee is absolutely responsible for any violation of the License and should safeguard the Ticket(s) so that the License is not violated. The Yankees reserve the right to investigate violations of the License. The failure of the Licensee or any person in possession of the Ticket(s) to cooperate with any investigation constitutes a violation of the License.

Finance Your Ticket License with Bank of America: The Yankees and Bank of America have teamed up to provide a simple, convenient and cost effective way to finance your Ticket License for the upcoming season. New applicants can call Bank of America at 1-800-906-6262, Monday through Friday 9:00 AM - 9:00 PM (ET), and mention priority code FAB3Y8, to inquire about special rates available to finance your Ticket License.

* The Final Regular Season Game shall be the last home game scheduled to be played in the Stadium on Sunday, September 21, 2008, notwithstanding any rainout games, postponed games, rescheduled games or canceled games which may be played after Sunday, September 21, 2008.

If you already have a Bank of America Yankees credit card, please call 1-800-711-0417 to inquire about any low APRs available when charging your Ticket License. Please have your New York Yankees Ticket License invoice in hand when you call. Offer expires Friday, December 28, 2007. For complete information, please see included literature or visit www.yankees.com.

Premium Games: The term "Premium Games" is defined as the Opening Day game, the Old-Timers' Day game, the final three (3) regular season games scheduled to be played at the Stadium, and all games played against the following teams: (i) Boston Red Sox, and (ii) New York Mets.

Ticket Forwarding: You can send your Tickets to anyone, up to 45 minutes before any game, via Ticket Forwarding. This service allows you to e-mail Tickets to friends, family members and clients. Simply login to your "My Yankees Account," and select the Tickets you wish to send, enter the recipient's information and forward. It's so easy - you don't even need to have the Tickets in hand.

Ticket Licensee - Ticket Shipping Information: All Ticket Licensees have the ability to add a Ticket Shipping address to their Ticket License Account. This Ticket Shipping address will only be used for the shipping of regular season or Postseason Tickets, when applicable. To submit a Ticket Shipping address, please login to your "My Yankees Account," and click on "Edit Profile," followed by "Update Ticket Shipping Address." Please do not hesitate to contact the Yankees Ticket Office at (718) 293-6000 or via the Internet at tickets@yankees.com if you have any questions.

Yankees Charity Ticket Program: The Yankees are proud to team up with Big Brothers Big Sisters of New York City ("BBBS"), to offer our valued Ticket Licensees a program that permits Ticket Licensees to donate any of their 2008 Tickets. The Yankees Charity Ticket Program will permit the donation of Tickets, via Ticket Forwarding, to BBBS with just a few clicks of a mouse. For complete information, please visit www.yankees.com.

Ticket Licensee Postseason Grandfather Option: All Partial Season Ticket Licensees, with a seniority date of July 31, 1999 and prior (specifically C through I Plans and the 20-Game Flex Plan whose current plans do not provide any opportunity to purchase Postseason Tickets), will have an opportunity to purchase the same number of seats for one game, not necessarily a guaranteed game, for each Postseason series.

Ticket Licensee Postseason Pre-On-Sale: All Partial Season Ticket Licensees, with a seniority date of August 1, 1999 to present, (specifically C through I Plans and the 20-Game Flex Plan, whose current plans do not provide any opportunity to purchase Postseason Game Tickets) will have an opportunity, "on-line via www.yankees.com" and subject to availability, (as determined by the Yankees, from time to time), to purchase Postseason individual game Tickets, between the hours of 10:00 AM-10:00 PM, on a day subsequently to be determined, prior to any scheduled Postseason public on-sale. Ticket Licensees will be limited to 2 Tickets per Round, 6 Tickets in total, per account, for the Division Series, American League Championship Series and World Series. Please continue visiting www.yankees.com for information and instructions. (Orders exceeding the assigned per game Ticket limits will be canceled without contact from Ticketmaster or the Yankees. Additional Ticketmaster service charges will apply.)

On-line Tracking: Commencing on or about Monday, March 19, 2008 you may track your Ticket License Plan package, on-line, by visiting our website at www.yankees.com and clicking on the link labeled "2008 Ticket License Plan Tracking." When prompted, enter your Account Number and zip code in the respective areas and click "Track" and all available tracking information will appear. (Your Account Number is located above the Account Name on the invoice.)

Ticket Licensee Group Ticket Discount: As a valued Ticket Licensee, we would like to offer you a special opportunity to purchase Group Tickets with a discount of $3.00 off each Ticket purchased for selected Monday through Thursday games during the 2008 regular season.

Unused Ticket Credit Program: In addition to our existing Ticket Exchange Program, the Yankees will also offer a credit for unused 2008 regular season Tickets for games that have already been played. Simply, present any unused* Ticket to the Advance Ticket Windows or any designated Ticket sales booth and receive a $5.00 credit toward the purchase of one Ticket (limit one $5.00 credit per unused Ticket per purchase) to a game specified as an Unused Ticket Credit Game in the following locations: Tier Box, Tier Reserved and Bleachers (all locations subject to availability). To view the list of Unused Ticket Credit Games, terms and conditions, visit www.yankees.com. * Unused 2008 Regular Season Tickets are defined as 2008 Regular Season Tickets with untorn stubs (Tickets with stubs taped or pasted back together will not be accepted) or un-scanned barcodes for games that have already been played.

2008 Ticket License Plan - Postseason Option Information

By accepting this Non-Renewable, Revocable Ticket License (this "License"), Licensee acknowledges and agrees that it has no expectancy, right or privilege to any Tickets to "Postseason Games" played in by the Yankees (e.g., Division Series, League Championship Series, and World Series), or any other events held at the Stadium (e.g., the All Star Game, etc.). The purchase of Tickets to Postseason Games and other events shall be subject to the terms and conditions as set forth, from time to time, by MLB, the Yankees or the organizer of the event, as applicable. Any opportunity granted by the Yankees to renew the License or to purchase Tickets to Postseason Games or other events is a privilege revocable, at any time, in the Yankees' sole discretion.

All Postseason Tickets and seat locations are dependent upon the requirements of MLB, rightsholders and the press, all of whom will have priority for Postseason Tickets and seat locations.

Subject to Paragraphs 1 and 2, above, and Postseason Ticket availability, the Yankees will use commercially reasonable business efforts to offer Full Season, A Plan and B Plan Ticket Licensees the opportunity to purchase a License for Postseason Tickets in the same seat locations (subject to availability) for all Postseason Games scheduled to be played in the Stadium.

Subject to Paragraphs 1 and 2, above, and Postseason Ticket availability the Yankees will use commercially reasonable business efforts to offer Partial Season Ticket Licensees, with Ticket Accounts with a Seniority Date of no later than July 31, 1999 (specifically C through I Plans and the 20-Game Flex Plan whose current plans do not provide any opportunity to purchase Postseason Tickets), the opportunity to purchase a License for a limited number of Postseason Game Tickets located anywhere in the Stadium to one Postseason Game (not necessarily a guaranteed Postseason Game) for each Postseason series. The number of Postseason Tickets that may be purchased for the applicable Postseason Game will be limited to an amount equal to the same number of Regular Season Tickets purchased by the Partial Season Ticket Licensee under such qualifying Ticket Account.

Subject to Paragraphs 1 and 2, above, and Postseason Ticket availability, the Yankees will use commercially reasonable business efforts to offer Partial Season Ticket Licensees, with Ticket Accounts with a Seniority Date of August 1, 1999 and later (specifically C through I Plans and the 20-Game Flex Plan, whose current plans do not provide any opportunity to purchase Postseason Tickets), the opportunity to purchase, ON-LINE ONLY and subject to availability, 2 Tickets per Series, 6 Tickets in total, per Ticket License Account, for potential Division Series, American League Championship Series and World Series games, before the scheduled Postseason Ticket On-Sale to the general public.

On behalf of the entire Yankees organization, thank you for your continued and loyal support. Please do not hesitate to contact the Yankees Ticket Office at (718) 293-6000 or via the Internet at tickets@yankees.com if you have any questions.